Living on one income is sometimes a choice and sometimes it just happens. The question still stands, “How to live on one income?” Whatever category you may be in, this article will give you some unique tips to make living on one income affordable.
A lot of families decide to have the wife stay at home with the kids because of the high costs of childcare and some wives stay at home for other reasons like school, illness etc. However, for the majority of stay at home moms/wives, they are not wealthy. So there is a need to plan and budget to achieve a nice life for your family on one income.
Stick to a Budget
I’m sure you’re tired of hearing the word budget, but you will hear it forever because it’s that important. Do not deviate from your family budget and adjust as needed. Every quarter, check your expenses to see what things you can cut down on. I know that prices are increasing everywhere and it is getting more and more difficult to stick to your budget but you have to find a way. What I’ve been doing is changing up our meal plan to work with cheaper, healthy options at the grocery store. We’ve also cut down on electricity use and the use of our car to save on gas.
Cooking at home
Going out to eat adds up quickly. There are some of you who are take-out kings and queens (me included), but over time, this gets very expensive. You’re already spending most of your time at home, so make time to get creative in the kitchen. I’ve come to realize that my take on my favorite take-out meals taste even better when I make it. Pinterest and YouTube are good places to start to find recipes that mimic you and your family’s favorite meals. If you do go out to eat, do it on special occasions or search for cheaper options in your area.
Start a Side Hustle
There are so many things you can do to make a little (sometimes big) extra cash. Use your talents and offer a service or create something. Baking, meal prep, consulting, reselling are just a few ways to make extra money. You can even look in your home for items that are of no use and sell them on Facebook Marketplace. A good amount of stay at home moms/wives are tapping into social media influencing and content creation and also blogging. Online businesses are lucrative but remember, you only get what you put in.
This may be taboo for some but if you’re anything like me, I love a good deal. My theory is if it works the same and looks the same as its new counterpart, then it can work for me. Gently used items can be great for you and your family. You can enjoy the things you love without breaking the bank. Things like cell phones, children’s clothing (they grow so quickly) and even furniture. I’d advise you to do your research before purchasing used items and you will be good to go!
DIY Personal Maintenance
Learning to do your hair, nails, makeup saves you so much money. Getting my hair done professionally could sometimes cost me up to $200! How could I live on one income with that kind of expense? To me this was crazy and I immediately learned to do my own hair. Some women claim they cannot do their hair but I believe with practice you will perfect it. This goes for nails, makeup, waxing etc. Your husband can learn to cut his own hair as well. These skills come in handy when or if you have kids. No need to pay someone to braid your daughter’s hair or cut your son’s hair when mom and dad can do it. Doing these things yourself can be therapeutic and also leave room to spend or save for something else. The key to DIY upkeep is to watch tutorials and find deals on the products needed.
Find cheap or free enjoyable activities for the family
Although I don’t have any kids as yet, my experience working at a pre-school showed me how expensive it can be to entertain children. However, with some creativity, it can actually be pretty cheap. We’re blessed to live near the beach so this is an amazing free activity for the family. Find parks and events in your area that are family-friendly and make dates to take the family out. Young children are not hard to please for entertainment. It may be a bit more difficult as they get older but you can do it!
Always remember when wondering how to live on one income, “Where there is a will, there is a way!”